Recommendations

The following information is based upon the latest public analysts’ reports. The recommendations are expressed in terms of “positive – neutral – negative” as explained in the note at the bottom of the page.

Date

Broker

Recommendation

Target Price €

21/12	DZ Bank	sell	10.0
19/12	Equita	buy	15.0
19/12	Oddo	reduce	10.0
15/12	Oddo	reduce	10.0
15/12	Exane	underperform	12.5
14/12	Credit Suisse	underperform	14.1
14/12	Deutsche Bank	hold	12.6
14/12	ING	hold	12.0
14/12	Natixis	neutral	12.8
14/12	Oddo	reduce	10.0
14/12	Royal Bank of Canada	sector perform	14.0
14/12	JP Morgan	neutral	13.0
14/12	Barclays	equal weight	14.2
14/12	JP Morgan	neutral	13.0
13/12	JP Morgan	neutral	13.0
13/12	KBW	market perform	18.0
12/12	Cheuvreux	underperform	9.5
6/12	Deutsche Bank	hold	12.6
5/12	RBS	sell	10.5
2/12	Oddo	reduce	10.0
2/12	Morgan Stanley	underperform	13.2
30/11	Oddo	reduce	10.0
30/11	Barclays	equal weight	15.1
29/11	Credit Suisse	underperform	14.1
29/11	KBW	market perform	18.0
29/11	Morgan Stanley	underweight	13.2
28/11	JP Morgan	neutral	13.0
25/11	KBW	market perform	18.0
25/11	Santander	hold	17.5
24/11	Banca Akros	hold	11.0
23/11	Deutsche Bank	hold	12.9
23/11	Equita	buy	15.0
21/11	Credit Suisse	underperform	14.1
18/11	Oddo	reduce	10.0
17/11	ING	hold	12.0
17/11	Morgan Stanley	underweight	13.2
16/11	JP Morgan	neutral	13.0
16/11	Macquarie	neutral	12.5
16/11	Société Générale	buy	15.3
16/11	Silvia Quandt	avoid	10.0
15/11	Berenberg Bank	hold	14.3
15/11	DZ Bank	sell	10.0
15/11	Royal Bank of Canada	sector perform	14.0
14/11	Banca Akros	accumulate	14.5
14/11	Berenberg Bank	hold	16.4
14/11	Cheuvreux	underperform	10.0
14/11	Equita	buy	15.0
14/11	Equita	buy	15.0
14/11	Exane	underperform	12.5
14/11	KBW	market perform	18.0
14/11	Kepler	hold	13.0
14/11	Mainfirst	neutral	11.5
14/11	Mediobanca	outperform	15.0
14/11	Natixis	neutral	12.8
14/11	Oddo	reduce	10.0
14/11	WestLB	neutral	15.0
13/11	Deutsche Bank	hold	12.9
11/11	Deutsche Bank	hold	12.9
11/11	Société Générale	buy	15.3
11/11	Barclays	equal weight	15.1
11/11	Kepler	hold	13.3
11/11	Morgan Stanley	underweight	13.2
11/11	Santander	hold	17.5
10/11	JP Morgan	neutral	13.0
10/11	Exane	underperform	13.0
10/11	JP Morgan	neutral	-
10/11	JP Morgan	neutral	-
8/11	Oddo	reduce	10.0
4/11	Barclays	equal weight	15.1
4/11	JP Morgan	neutral	13.0
4/11	KBW	market perform	18.4
4/11	WestLB	add	15.0
3/11	Morgan Stanley	underweight	13.8
2/11	Exane	underperform	13.0
1/11	Credit Suisse	underperform	15.6
1/11	Silvia Quandt	avoid	11.1
28/10	Morgan Stanley	underweight	13.8
24/10	Barclays	equal weight	17.3
22/10	Credit Suisse	underperform	16.8
22/10	KBW	market perform	18.4
21/10	Morgan Stanley	underweight	13.8
20/10	Kepler	hold	13.3
20/10	Exane	underperform	13.0
19/10	Exane	underperform	13.0
17/10	Exane	underperform	13.0
13/10	WestLB	add	15.0
12/10	Oddo	reduce	10.0
12/10	Barclays	equal weight	17.3
7/10	Equita	buy	16.5
7/10	Deutsche Bank	hold	13.2
7/10	Kepler	buy	18.0
7/10	Morgan Stanley	underweight	13.8
6/10	Société Générale	buy	15.3
6/10	Citi	hold	13.0
6/10	ING	hold	12.0
6/10	JP Morgan	underweight	-
6/10	Macquarie	hold	13.0
6/10	Natixis	neutral	12.0
6/10	Oddo	reduce	10.0
5/10	Cheuvreux	underperform	10.0
3/10	Natixis	neutral	12.0
3/10	Natixis	neutral	12.0
2/10	KBW	market perform	18.4
8/2	Santander	hold	17.5
30/9	Morgan Stanley	underweight	13.8
29/9	Credit Suisse	underperform	16.8
28/9	Cheuvreux	underperform	10.0
28/9	Macquarie	neutral	13.0
27/9	Natixis	neutral	-
27/9	Exane	underperform	13.0
26/9	Banca Akros	hold	11.0
26/9	Deutsche Bank	hold	13.2
26/9	ING	hold	12.0
26/9	Oddo	reduce	12.0
26/9	Cheuvreux	underperform	10.0
26/9	Nomura	reduce	-
23/9	Morgan Stanley	underweight	13.8
22/9	Banca Leonardo	underweight	13.3
22/9	DZ Bank	sell	10.0
22/9	ING	hold	12.0
22/9	Morgan Stanley	underweight	13.8
20/9	Cheuvreux	underperform	10.0
20/9	UBS	neutral	12.5
19/9	Deutsche Bank	hold	13.2
19/9	ING	hold	12.0
16/9	Cheuvreux	underperform	10.0
15/9	Société Générale	buy	15.3
15/9	Société Générale	buy	15.3
15/9	UBS	neutral	12.5
14/9	KBW	market perform	18.4
12/9	UBS	neutral	12.5
10/9	KBW	market perform	18.4
9/9	JP Morgan	underweight	-
9/9	Morgan Stanley	underweight	13.8
8/9	Redburn	neutral	-
8/9	UBS	neutral	12.5
6/9	Barclays	equal weight	17.3
6/9	Berenberg Bank	hold	11.6
6/9	Deutsche Bank	hold	13.2
6/9	UBS	neutral	12.5
6/9	Redburn	neutral	-
5/9	Goldman Sachs	neutral	14.5
1/9	Banca Akros	accumulate	14.5
30/8	JP Morgan	underweight	-
26/8	Morgan Stanley	underweight	13.8
25/8	Deutsche Bank	hold	13.2
24/8	Kepler	buy	18.0
22/8	UBS	neutral	12.5
22/8	UBS	neutral	12.5
18/8	JP Morgan	underweight	-
17/8	Goldman Sachs	neutral	14.5
17/8	UBS	neutral	15.0
17/8	Morgan Stanley	underweight	13.8
16/8	UBS	neutral	15.0
16/8	UBS	neutral	15.0
16/8	UBS	neutral	15.0
12/8	Morgan Stanley	underweight	14.9
11/8	Macquarie	neutral	14.4
10/8	Royal Bank of Canada	sector perform	16.0
10/8	Société Générale	buy	15.3
9/8	Barclays	overweight	17.6
9/8	DZ Bank	sell	11.0
9/8	Equita	buy	16.5
9/8	KBW	market perform	18.4
8/8	Banca Akros	accumulate	18.0
8/8	Banca IMI	add	15.5
8/8	Berenberg Bank	hold	16.4
8/8	Banca Leonardo	underweight	12.0
8/8	Cheuvreux	underperform	10.0
8/8	Credit suisse	underperform	17.5
8/8	Credit suisse	underperform	16.8
8/8	Deutsche Bank	hold	14.0
8/8	Exane	neutral	15.0
8/8	Kepler	hold	18.0
8/8	Mainfirst	neutral	12.4
8/8	Mediobanca	outperform	16.0
8/8	Natixis	neutral	14.0
8/8	Oddo	reduce	14.0
8/8	Silvia Quandt	avoid	13.0
8/8	UBS	neutral	15.0
7/8	KBW	market perform	19.3
5/8	Banca IMI	add	15.5
5/8	Société Générale	buy	19.0
5/8	JP Morgan	neutral	-
5/8	Credit Suisse	underperform	17.5
5/8	Deutsche Bank	hold	16.0
5/8	Credit suisse	underperform	17.5
5/8	Deutsche Bank	hold	16.0
5/8	Goldman Sachs	neutral	16.0
4/8	Banca Akros	accumulate	18.0
3/8	Exane	neutral	17.0
3/8	Exane	neutral	17.0
3/8	Cheuvreux	underperform	10.0
3/8	Mediobanca	outperform	16.0
2/8	JP Morgan	underweight	-
2/8	cheuvreux	underperform	10.0
2/8	Credit Suisse	underperform	17.5
2/8	Banca IMI	add	15.5
2/8	KBW	market perform	19.3
1/8	Deutsche Bank	hold	16.0
1/8	Royal Bank of Canada	sector perform	17.0
29/7	Barclays	overweight	18.3
29/7	JP Morgan	neutral	16.0
29/7	UBS	neutral	15.0
29/7	westlb	add	17.5
28/7	Banca Akros	accumulate	18.0
28/7	Mainfirst	buy	16.7
28/7	Natixis	neutral	16.3
28/7	Santander	hold	17.5
28/7	Silvia Quandt	avoid	13.0
27/7	JP Morgan	neutral	16.0
27/7	KBW	market perform	19.3
26/7	Deutsche Bank	hold	16.0
26/7	Exane	neutral	17.0
26/7	Banca Akros	accumulate	18.0
26/7	Banca IMI	add	15.5
25/7	Deutsche Bank	hold	16.0
25/7	Mediobanca	outperform	19.0
23/7	S&P Equity Research	buy	17.0
21/7	Cheuvreux	underperform	13.0
21/7	Société Générale	buy	19.0
20/7	Banca Leonardo	underweight	16.0
31/8	Banca Akros	accumulate	14.5
24/8	Credit Suisse	underperform	16.8
17/8	Morgan Stanley	underweight	13.8
17/8	Goldman Sachs	neutral	14.5
17/8	Morgan Stanley	underweight	13.8
12/8	Deutsche Bank	hold	14.0
9/8	Banca IMI	add	15.5
5/8	Deutsche Bank	hold	16.0
2/8	Cheuvreux	underperform	13.0
29/7	Banca IMI	add	15.5
29/7	Barclays	overweight	18.3
29/7	Morgan Stanley	underweight	14.9
28/7	Deutsche Bank	hold	16.0
28/7	Exane	neutral	17.0
28/7	Santander	hold	17.5
25/7	Exane	neutral	17.0
22/7	Cheuvreux	underperform	13.0
22/7	Morgan Stanley	underweight	14.9
21/7	Société Générale	buy	19.0
20/7	Banca IMI	add	15.5
14/7	Cheuvreux	underperform	13.0
14/7	Banca IMI	add	15.5
14/7	Oddo	reduce	14.0
13/7	Cheuvreux	underperform	13.0
12/7	Barclays	overweight	18.3
11/7	JP Morgan	underweight	-
8/7	Cheuvreux	underperform	13.0
7/7	West LB	add	17.5
6/7	Banca IMI	add	15.5
6/7	ING	buy	19.3
6/7	Oddo	reduce	14.0
5/7	Cheuvreux	underperform	13.0
4/7	Credit Suisse	underperform	17.5
4/7	Exane	neutral	17.0
1/7	Banca IMI	add	15.5
30/6	Barclays	overweight	18.3
29/6	Morgan Stanley	underweight	14.9
28/6	Morgan Stanley	underweight	14.9
24/6	Santander	hold	17.5
23/6	MF Global	buy	17.4
23/6	Morgan Stanley	underweight	16.0
22/6	Oddo	reduce	14.0
22/6	Cheuvreux	underperform	15.0
20/6	Cheuvreux	underperform	15.0
20/6	UBS	neutral	16.0
18/6	Barclays	overweight	18.3
17/6	Oddo	neutral	16.0
16/6	Royal Bank of Canada	sector perform	17.0
16/6	Kepler	hold	18.0
16/6	Royal Bank of Canada	sector perform	17.0
8/6	Cheuvreux	underperform	15.0
7/6	Unicredit	hold	17.0
3/6	Barclays	overweight	18.3
3/6	JP Morgan	underweight	-
2/6	Cheuvreux	underperform	15.0
2/6	Deutsche Bank	hold	16.0
1/6	Banca IMI	add	17.3
25/5	Cheuvreux	underperform	14.7
24/5	Banca IMI	hold	17.5
24/5	JP Morgan	underweight	-
20/5	Banca Akros	accumulate	18.0
19/5	Banca IMI	hold	17.5
19/5	Morgan Stanley	underweight	16.0
17/5	natixis	neutral	16.7
17/5	oddo	neutral	16.0
16/5	Kepler	hold	13.0
6/5	Kepler	hold	13.0
6/5	Morgan Stanley	underweight	16.0
5/5	ING	buy	19.3
4/5	cheuvreux	underperform	14.7
2/5	Cheuvreux	underperform	14.7
2/5	Banca Akros	accumulate	18.0
29/4	Oddo	neutral	16.0
26/4	JP Morgan	neutral	18.0
26/4	Oddo	neutral	16.0
19/4	Oddo	neutral	16.0
15/4	Morgan Stanley	underweight	16.0
14/4	Mediobanca	neutral	17.0
13/4	Banca Akros	accumulate	18.0
13/4	Banca IMI	hold	17.5
13/4	Cheuvreux	underperform	14.7
13/4	Kepler	hold	13.0
11/4	Banca IMI	hold	17.5
11/4	Cheuvreux	underperform	15.6
11/4	Kepler	hold	13.0
11/4	Oddo	neutral	16.0
11/4	Silvia Quandt	avoid	13.0
7/4	Banca Akros	accumulate	18.0
7/4	Banca IMI	hold	17.5
7/4	Barclays	overweight	18.4
7/4	Banca Leonardo	underweight	16.0
7/4	Cheuvreux	underperform	15.6
7/4	JP Morgan	underweight	-
7/4	Kepler	hold	13.0
7/4	Oddo	neutral	16.0
7/4	Silvia Quandt	avoid	13.0
7/4	unicredit	hold	18.4
7/4	West LB	add	17.5
6/4	Cheuvreux	underperform	15.6
6/4	Deutsche Bank	hold	16.0
6/4	Credit Suisse	underperform	16.9
6/4	Kepler	hold	13.0
5/4	Banca IMI	hold	17.5
5/4	Cheuvreux	underperform	15.6
1/4	Morgan Stanley	underweight	16.0
30/3	Berenberg Bank	hold	19.6
29/3	Oddo	add	16.0
29/3	Credit Suisse	underperform	16.9
29/3	Banca Akros	accumulate	18.0
29/3	Banca IMI	hold	17.5
29/3	Exane BNP Paribas	neutral	17.0
28/3	Deutsche Bank	hold	16.0
28/3	Exane BNP Paribas	neutral	17.0
28/3	Exane BNP Paribas	neutral	17.0
23/3	Kepler	hold	13.0
22/3	MainFirst	neutral	15.0
22/3	KBW	market perform	19.3
21/3	Cheuvreux	underperform	15.6
21/3	Deutsche Bank	hold	16.0
18/3	equita	buy	20.0
18/3	Société Générale	buy	19.0
18/3	UBS	neutral	16.0
17/3	Banca Leonardo	underweight	16.0
17/3	Banca Akros	accumulate	18.0
17/3	Banca IMI	hold	17.5
17/3	Cheuvreux	underperform	15.6
17/3	Credit Suisse	underperform	16.9
17/3	DZ Bank	sell	14.0
17/3	Exane BNP Paribas	neutral	17.0
17/3	JP Morgan	underweight	-
17/3	Oddo	add	16.0
17/3	West LB	add	17.5
16/3	Banca IMI	hold	17.5
16/3	Goldman Sachs	neutral	16.0
16/3	Deutsche Bank	hold	16.4
16/3	Goldman Sachs	neutral	16.0
16/3	KBW	market perform	20.9
15/3	Barclays Capital	overweight	18.4
15/3	JP Morgan	underweight	-
14/3	JP Morgan	underweight	-
11/3	West LB	add	17.5
11/3	Barclays Capital	overweight	18.4
10/3	Cheuvreux	underperform	15.6
9/3	MainFirst	neutral	15.0
8/3	KBW	market perform	20.9
8/3	Kepler	hold	13.0
7/3	Goldman Sachs	neutral	16.0
4/3	Cheuvreux	underperform	15.6
4/3	Morgan Stanley	underweight	16.0
4/3	Deutsche Bank	hold	16.4
3/3	Oddo	add	16.0
2/3	Exane BNP Paribas	neutral	17.0
1/3	cheuvreux	underperform	15.6
1/3	Oddo	add	16.0
28/2	Kepler	hold	13.0
28/2	Oddo	add	16.0
28/2	Equita	buy	20.0
23/2	Banca IMI	hold	17.5
22/2	Banca Akros	accumulate	18.0
22/2	Banca IMI	hold	17.5
22/2	Banca Leonardo	underweight	15.4
22/2	Cheuvreux	underperform	15.6
22/2	Deutsche Bank	hold	16.4
22/2	Equita	hold	15.7
22/2	Mediobanca	neutral	17.0
22/2	Oddo	add	16.0
22/2	Deutsche Bank	hold	16.4
22/2	Unicredit	hold	16.9
20/2	Société Générale	buy	19.0
19/2	West LB	Add	17.5
18/2	Morgan Stanley	underweight	16.0
17/2	West LB	Add	17.5
17/2	Equita	hold	15.7
17/2	Kepler	hold	13.0
17/2	West LB	add	17.5
16/2	Banca IMI	hold	17.5
16/2	Deutsche Bank	hold	16.4
15/2	Banca IMI	hold	17.5
15/2	Banca IMI	add	18.2
9/2	Credit Suisse	underperform	16.8
9/2	Société Générale	buy	19.0
8/2	Banca IMI	add	18.2
8/2	Oddo	add	16.0
8/2	Kepler	hold	13.0
4/2	Banca Akros	accumulate	18.0
4/2	Morgan Stanley	underweight	16.0
3/2	Deutsche Bank	hold	16.4
3/2	Oddo	add	16.0
1/2	Barclays Capital	overweight	18.4
31/1	Goldman Sachs	neutral	17.0
27/1	UBS	neutral	16.0
27/1	HSBC	neutral	17.5
26/1	Daiwa	underperform	-
21/1	Cheuvreux	underperform	15.6
21/1	Morgan Stanley	underweight	16.0
20/1	Oddo	Add	16.0
19/1	Credit Suisse	underperform	16.8
19/1	West LB	add	17.5
18/1	S&P Equity Research	buy	17.0
13/1	Equita	hold	15.7
12/1	Macquarie	neutral	17.0
10/1	Morgan Stanley	underweight	16.0
10/1	Société Générale	buy	20.0
7/1	Kepler	hold	13.0
7/1	Deutsche Bank	hold	16.4
5/1	Banca Leonardo	underweight	15.4
4/1	Oddo	add	16.0
3/1	Deutsche Bank	hold	16.5

Note

Positive	Neutral	Negative
Above - average	Neutral	Reduce
Accumulate	Equal - weight	Sell
Add	Fair valued	Underperfom
Attractive	Hold	Underweight
Buy	In line	Avoid
Increase holdings	Market perform
Long term buy	Market weight
Market outperform	Peer perform
Outperform	Sector perform
Recommended list
Selected list
Strong buy

last update on 23-03-2012 12:08